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Jan 17, 2013
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. >> stop using the debt ceiling. you'll have a continuing resolution that runs out two weeks afterwards. why risk. in fact, if this is the rhetorical debate you want to have -- >> the problem with the republican party we get into this incrementalism where we assume we can win and keep putting off the debate. let's have a debate about whether or not we should balance our budget. >> a continuing resolution will be passed. the debt ceiling will be raised, right. >> i agree. the debt limit should be raised. >> should be raised with spending cuts and policy changes. >> why. >> so we can put our nation on a path to balance. >> why not have the fight on resolution. you're talking about future spending and not threatening the full faith and credit of the u.s. government. >> nobody is threatening the full faith and credit. >> it undermines your argument to have it during the debt ceiling debate. >> we can have this debate right now. we need it for the next month and come together a month from now and figure out where we stand
. >> stop using the debt ceiling. you'll have a continuing resolution that runs out two weeks afterwards. why risk. in fact, if this is the rhetorical debate you want to have -- >> the problem with the republican party we get into this incrementalism where we assume we can win and keep putting off the debate. let's have a debate about whether or not we should balance our budget. >> a continuing resolution will be passed. the debt ceiling will be raised, right. >> i...
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Jan 18, 2013
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short-term debt ceiling hike. but here's what i'm not hearing and what we should be hearing is an unambiguous plan to splash spending now. republicans need an absolute rock solid plan to implement the sequester which is $1.2 trillion over the next ten years. this is essential. not just to unite the republican conference. but more importantly, it's essential to helping the economy grow more rapidly. and if the republicans don't get it done, i'll say this. they may lose the house in 2014. so let's talk with karen finney. who's a columnist for the hill and former dnc communications director. and hadley heath, senior policy analyst at the independent women's forum. hadley, this paul ryan, he went out and met with reporters. republicans are in the retreat down in williamsburg, virginia. maybe they'll use a short term increase in the debt ceiling maybe three months or six months. is that the point? how does that inform you? does that get to the heart of the matter? >> it certainly doesn't get to the heart of the matter.
short-term debt ceiling hike. but here's what i'm not hearing and what we should be hearing is an unambiguous plan to splash spending now. republicans need an absolute rock solid plan to implement the sequester which is $1.2 trillion over the next ten years. this is essential. not just to unite the republican conference. but more importantly, it's essential to helping the economy grow more rapidly. and if the republicans don't get it done, i'll say this. they may lose the house in 2014. so...
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Jan 16, 2013
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ceiling issue. >> on the debt ceiling. >> that's not what he's doing. that's the reality. >> the american public has got to step up and say we understand the government in washington is too bloated. we're spending more money than we take in. we eve got to live within our means. they ought to demand, the american public, that we quit the nonsensical spending. in states we're doing more with less. we've cut our budgets and we're providing better services now and a leaner more efficient fashion. the federal government should do the same thing, and president obama is the one person who can lead on this issue. grow the economy by bringing in some certainty to it. if he wants to fight hard for tax rate increases, he ought to be fighting just as hard for spending cuts. >> you know, governor, he made an interesting point during his news conference this week where he said if -- if this debate is just about reducing the fiscal deficit, he's on board and let's get it done, but he suspects that there are a lot of conservative republicans out there for whom this deb
ceiling issue. >> on the debt ceiling. >> that's not what he's doing. that's the reality. >> the american public has got to step up and say we understand the government in washington is too bloated. we're spending more money than we take in. we eve got to live within our means. they ought to demand, the american public, that we quit the nonsensical spending. in states we're doing more with less. we've cut our budgets and we're providing better services now and a leaner more...
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Jan 18, 2013
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might vote next week to raise the debt ceiling for even three months. there is a very muted reaction and what to watch here are how people are buying etfs. this is the s&p 500. you can buy it in a single stock and you might say, oh, gee, there is a move there to the far right on the upside when the announcement came. but it is a very, very narrow amplitude. very narrow range of trading. that's about three points on the s&p 500. the volume did pick up and we will have volume towards the heavy side today. if you think that is good news pushing the debt ceiling out for stocks and i think generally would you look at it as good news, it certainly is fairly muted here. as for the major indices for the week, what simon was just talking about, there are deeper cyclical changes. big industrial names have been generally outperforming and that is very good news, if you think the global economy, those stocks would more closer would the global economy. >> you get this, this real tight hugging of the flat line friday. monday, tuesday, wednesday and then again today.
might vote next week to raise the debt ceiling for even three months. there is a very muted reaction and what to watch here are how people are buying etfs. this is the s&p 500. you can buy it in a single stock and you might say, oh, gee, there is a move there to the far right on the upside when the announcement came. but it is a very, very narrow amplitude. very narrow range of trading. that's about three points on the s&p 500. the volume did pick up and we will have volume towards the...
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Jan 17, 2013
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there's the debt ceiling. zandi i talked to the other day, talked to some other economists, they're saying if you hit the debt ceiling, you stayed there, you made government spending equal cash flow would be about 7% hit to gdp. essentially taking a trillion dollars out of the economy. so there it is, guys. the debt ceiling game, home edition, have fun tonight. >> this is actually much bigger deal. >> it's a huge deal. >> but would never last -- >> never going to happen, right? that's what people say. >> okay. >> relax, steve. >> i'm okay. >> what happens is the rating agencies -- >> your heart rate is going. >> what's that? >> what about the ratings agencies if they were to downgrade us, if we went over, if we went over for a day it's one thing, if we went over and stayed for a week, do they look at it just because washington can't get along, that's reason enough for another downgrade? >> that's a critical question. that's why the democrats are likely to define default as missing any government payment becaus
there's the debt ceiling. zandi i talked to the other day, talked to some other economists, they're saying if you hit the debt ceiling, you stayed there, you made government spending equal cash flow would be about 7% hit to gdp. essentially taking a trillion dollars out of the economy. so there it is, guys. the debt ceiling game, home edition, have fun tonight. >> this is actually much bigger deal. >> it's a huge deal. >> but would never last -- >> never going to happen,...
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Jan 16, 2013
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that the debt ceiling is adjusted to accommodate the budget that we pass. and there is an enormous amount of hypocrisy going on. and i admit on the democratic side on the past, you know, it is like you going out and buying a refrigerator on your credit card and then 20 days later the bill shows up and you see you are over your debt limit, so you tell the freezer company, you're not paying it. the decision when you spend the money or raise taxes -- >> thank you very much for your answer. hope you will come back and join us again sometime. >> thank you. >> second inauguration of president obama takes place on monday, january 21st. that will martin luther king, jr. he will be sworn in on the day before, the 20th, as per the constitution. i will host a special cnbc event. it begins at 11:00 a.m. eastern time. that is, monday, martin luther king, jr. day. >> sue? >> ty, shares of lululemon continue to be under pressure on the back of the latest outlook. what is ahead for the yoga appear el maker? courtney is live in miami. courtney? ♪ ♪ ♪ [ male announcer
that the debt ceiling is adjusted to accommodate the budget that we pass. and there is an enormous amount of hypocrisy going on. and i admit on the democratic side on the past, you know, it is like you going out and buying a refrigerator on your credit card and then 20 days later the bill shows up and you see you are over your debt limit, so you tell the freezer company, you're not paying it. the decision when you spend the money or raise taxes -- >> thank you very much for your answer....
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Jan 17, 2013
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. >>> onto the debt ceiling. the deadline approaching so it washington on the verge of killing an economy that many people think is actually experiencing a very nice little rebound? we're going to ask loan ceo jim tisch when "power lunch" returns. ♪ [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >>> four days before the inauguration the latest nbc wall street journal poll is out with the breaking news. john harwood in washington. john? >> tyler, we've just got one question. the full poll comes out tonight but this shows you some of the difficulty president obama is going to face with this gun control issue he's pursuing. look at the public image of the national rifle association. it shows you it's a pretty tough target. at three different decision points after tragedies, columbine they had
. >>> onto the debt ceiling. the deadline approaching so it washington on the verge of killing an economy that many people think is actually experiencing a very nice little rebound? we're going to ask loan ceo jim tisch when "power lunch" returns. ♪ [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the...
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Jan 21, 2013
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we've gone over the cliff, now we have the debt ceiling. but, you know, even if they get over those two short-term problems, you still have got the problem of a massive deficit, which is going to have to be reigned in. at some point, you're going to get a fiscal squeeze in america and that is going to put a break on what is not very far from economic growth. i think you'll have that which is always something that is going to be there in the background. you have a lot of debt, as well, still in the private sector, which needs to be fluffed off. there's a deraef raejing that you've been seeing right across the western world is still going to go on, i think, for the best part of this decade. >> and we heard leading up to this election that rarely has a u.s. president been elected with such high levels of unemployment. what was different this time? >> oh, i think it had something to do with the candidate he was facing not being able to energize the public. but i also think, look, reflation? the public loves that, right? free money. >> but do th
we've gone over the cliff, now we have the debt ceiling. but, you know, even if they get over those two short-term problems, you still have got the problem of a massive deficit, which is going to have to be reigned in. at some point, you're going to get a fiscal squeeze in america and that is going to put a break on what is not very far from economic growth. i think you'll have that which is always something that is going to be there in the background. you have a lot of debt, as well, still in...
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Jan 19, 2013
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no debt ceiling default. okay. but mark, the problem i have is they refuse to talk about the across-the-board automatic spending cuts in the so-called sequester. it's about 80, $100 billion this year and $1.2 trillion over ten years. to me that is their biggest mistake. that is already the law. the democrats are trying to hedge on it. the president has already said it's not going to happen. this is where the republicans should go. and they won't go there. and that's why i doubt their bona fides on spending. >> you have to first of all as i said before get across that spending levels are stoo high. keith, you would agree with that, right? >> no. >> see what i mean? they're too high. >> perfect. right. >> you think this level is appropriate. 25% gdp. >> you're talking about gdp to spending -- >> yeah. >> yeah, that is too high. but that's not because we're spending too much. it's because our revenues aren't -- the reason our revenues is r. in decline is we're in a very weak recovery. we got out of the worst resgs --
no debt ceiling default. okay. but mark, the problem i have is they refuse to talk about the across-the-board automatic spending cuts in the so-called sequester. it's about 80, $100 billion this year and $1.2 trillion over ten years. to me that is their biggest mistake. that is already the law. the democrats are trying to hedge on it. the president has already said it's not going to happen. this is where the republicans should go. and they won't go there. and that's why i doubt their bona fides...
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Jan 15, 2013
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debt ceiling. i love the debt clock. it's almost as fast as the amount of money they're going to earn tr nike. >> and is we'll talk about that. >> meanwhile, fed chairman ben bernanke speaking monday warned the u.s. economy isn't out of the woods yet and is still at risk from political gridlock. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits, it doesn't create new spending. so not raising the debt ceiling is sort of like a family trying to improve its credit rating saying, i know how we can save money, we won't pay our credit card bills. not the most effect of way to improve your credit rating. >> ben bernanke says the u.s. economy appears to be willing to raise the debt ceiling. it's downplaying fierce that this could lead to higher inflation. >>. >> what do you think? >> well, i think, you know, what we've seen in the beginning of the year, like the solution of the fiscal cliff for the
debt ceiling. i love the debt clock. it's almost as fast as the amount of money they're going to earn tr nike. >> and is we'll talk about that. >> meanwhile, fed chairman ben bernanke speaking monday warned the u.s. economy isn't out of the woods yet and is still at risk from political gridlock. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits, it doesn't create new...
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Jan 15, 2013
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ceiling to avoid a potentially disastrous debt default. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit rating saying oh, i know how we can save money we won't pay our credit card bills. not the most effective way to improve your credit rating. >> but the chairman was fairly upbeat on the outlook for u.s. growth. but, gave no clear hints on when the fed would curb its aggressive bond purchases. we'll have more on the debt ceiling in the next hour when we speak to senator rob portman. you guys, wilbur, you also said we have -- we are fully ready with inflation, we have all the tools we need to exit. >> well, i caution a little bit. historically the fed has always bought short-term paper and it's easy then to raise the interest rates. again you let the paper roll off, you sell it. now they've been buying long-term paper. rates start to go up, fed cou
ceiling to avoid a potentially disastrous debt default. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit rating saying oh, i know how we can save money we won't pay our credit card bills. not the most effective way to improve your credit rating. >>...
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Jan 18, 2013
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let's talk about the debt ceiling. is it an overrated crisis? our next guest is from austin, texas, james galbraith, university of texas economist. also the author of "inequality and instability." we want to talk to but the debt ceiling, particularly entitlements, james. what is your sense, if today and now is not the time to cut entitlements, when is the time to cut entitlements? >> i don't think it's a good idea, from the standpoint of the future of the american economy to reduce the security that people expect in their old age. so we're talking about social security here. talking about mid care. we're talking about medicaid. these are foundations for the future life of most of the working population of the country at the moment. if you cut them, people will draw back in their current activity, at least to some degree. >> right. >> so you're basically saying you're going to do something which will squeeze people's living standards out in the future. it will not have any direct effect today on economic activity. except to the extent that people
let's talk about the debt ceiling. is it an overrated crisis? our next guest is from austin, texas, james galbraith, university of texas economist. also the author of "inequality and instability." we want to talk to but the debt ceiling, particularly entitlements, james. what is your sense, if today and now is not the time to cut entitlements, when is the time to cut entitlements? >> i don't think it's a good idea, from the standpoint of the future of the american economy to...
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Jan 16, 2013
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debt ceiling. the coke group americans for prosperity is urging restraint from republicans during the negotiations. these guys you said are on the right have moved to those guys you said were in the center, some of them, anyway, right? >> i think -- >> these guys are folding, caving. they know obama has them on the run, as far as public opinion. they're running off -- >> nothing is ever simple. the debt ceiling is only 1 of 3. >> you'd sequester -- >> i think we will see the sequester, the path of least resistance. congress has to do something to prevent the sequester and the president agree to it. it's unlikely, 1$1.2 trillion, using the dollar for dollar basis, do it twice and -- >> have you seen "41," movie, "41." i saw a couple clips and president bush talking about the nixon year, because he was there and what was it like to be a republican. he said it was not a great time to be a republican at the end of the nixon era and the prospects for the party didn't look very positive. i don't know. it
debt ceiling. the coke group americans for prosperity is urging restraint from republicans during the negotiations. these guys you said are on the right have moved to those guys you said were in the center, some of them, anyway, right? >> i think -- >> these guys are folding, caving. they know obama has them on the run, as far as public opinion. they're running off -- >> nothing is ever simple. the debt ceiling is only 1 of 3. >> you'd sequester -- >> i think we...
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Jan 16, 2013
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debt ceiling. the last obstacle may be the least dangerous, judging by what happened last year with the overly dreaded debt downgrade and what's happening now. take your cue from the markets. here is the bottom line. washington fright fest is almost over, people. maybe time to break out the dr. strangelove handbook and learn how to stopped worrying and love the irrelevant gridlock that will soon face, once the debt ceiling is raised, and politics cease to be the biggest factor in our investment thinking. kevin in washington, kevin. >> caller: booyah, mr. brilliant one. a quick question. you know, with the higher cost of foods and energy, and the lower incomes we're all expecting, the average working person, do you think we can return to the dependence on our credit cards? if we are, is master card a good buy? >> i like master card, my charitable trust owns it, ebay, that stock soaring in afterhours. master card is a paper to plastic worldwide trend, not so much we get hooked in debt or not. and i'v
debt ceiling. the last obstacle may be the least dangerous, judging by what happened last year with the overly dreaded debt downgrade and what's happening now. take your cue from the markets. here is the bottom line. washington fright fest is almost over, people. maybe time to break out the dr. strangelove handbook and learn how to stopped worrying and love the irrelevant gridlock that will soon face, once the debt ceiling is raised, and politics cease to be the biggest factor in our investment...
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Jan 18, 2013
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that of course is bumping against and going through the debt ceiling. you know, when the president had his press conference discussing this i always like a good food analogy. his analogy was of course by not raising the debt ceiling we're not paying for the food we've eaten. basically at this big dinner we're at. i like it. let me give it a little slant my style. that is, it's not really a restaurant but an all you can eat buffet. there is no bill coming. the senate and house haven't passed a budget together in years. we have a revolving credit, a tab at this all you can eat buffet and nobody wants to get up. it is not like there is a clock where boom. here is your bill. we'll start the next 24 hours like your charting machines. nobody is ever getting up. it's just a meal that never ends. so how do you in essence stop the eating, stop the debt that is created by running up the tab? well, it seems easy enough but of course it gets messy and the politics are different than the principles involved. the house republicans seem to have finally figured that ou
that of course is bumping against and going through the debt ceiling. you know, when the president had his press conference discussing this i always like a good food analogy. his analogy was of course by not raising the debt ceiling we're not paying for the food we've eaten. basically at this big dinner we're at. i like it. let me give it a little slant my style. that is, it's not really a restaurant but an all you can eat buffet. there is no bill coming. the senate and house haven't passed a...
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Jan 17, 2013
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debt ceiling. what are you going to scare us with about washington after that's over and you faked everyone out and got them to sell? i rolled my eyes, i defended myself, saying that all three of threes issues were and are worthy of worry and i told people to stay the course, like he could care. he said, again, what washington horror story are you going to gin up, cramer? and i said impact on spending of higher taxes, coming affordable care act, instead i said wisely no, that's it. maybe it would be good if you focused on the stock market again. ouch! but it did get me thinking. we have seen bank stocks go higher, today, last week, putting washington behind them. and it didn't look like the bank killing dodd frank had much impact on goldman sachs or jp morgan. high-end retails rally, and it incurred, and we keep acting as it has, and no cessation of home buying according to lennar, and the sandy bailout will kick in by the end of the second quarter, home depot will fly. we're through two of the was
debt ceiling. what are you going to scare us with about washington after that's over and you faked everyone out and got them to sell? i rolled my eyes, i defended myself, saying that all three of threes issues were and are worthy of worry and i told people to stay the course, like he could care. he said, again, what washington horror story are you going to gin up, cramer? and i said impact on spending of higher taxes, coming affordable care act, instead i said wisely no, that's it. maybe it...
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Jan 16, 2013
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treasuries tapping government workers' retirement funds to avoid hitting the debt ceiling. the treasury previously estimated the move would give it around $156 billion in additional borrowing capacity. it says retirees will still receive their benefits. in a letter to the house speaker john boehner, the treasury secretary says this step has been taken before during previous debt limit impasses. several conservative republicans are set to introduce legislation to direct treasury to prioritize debt payments if congress doesn't raise the debt ceiling. >>> and president obama will unveil his gun control plan today at 11:45 eastern. he's expected to call on congress to ban military-style assault weapons and the type of high-capacity ammunition used in last month's school shooting in newtown, connecticut. the package will also include efforts to stop school bullying and invest available mental health services. may include several steps the president can take right away without congressional approval. >>> the house of representatives has passed more than $50 billion in aid for hur
treasuries tapping government workers' retirement funds to avoid hitting the debt ceiling. the treasury previously estimated the move would give it around $156 billion in additional borrowing capacity. it says retirees will still receive their benefits. in a letter to the house speaker john boehner, the treasury secretary says this step has been taken before during previous debt limit impasses. several conservative republicans are set to introduce legislation to direct treasury to prioritize...
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Jan 14, 2013
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ceiling is still around. >> easily, though. >> the debt ceiling is still around. you are still dealing with that and, of course, the sequester issue. there are a lot of questions about what happens. we're speccing to run into that debt ceiling sometime between february 15th and march 1st. in the meantime, let's talk about corporate news. aig is suiciding maiden lane over lawsuit rights. it's the federal vehicle created during aig's bailout. at issue is whether the insurer transferred its rights to sue for losses that it incurred on its troubled bonds when it sold $2 billion in securities to the fed in 20308. aig is preserving its right to sue the federal government and other debts. >> fed chairman ben bernanke is going to speak and answer questions at the university of michigan. in d.c., president obama is said to be forging ahead on a wide ranging plan to overhaul the immigration plan this year. this includes a path to citizenship for illegal immigrants already in the country. immigrants would have to pay fines and back taxes. it would require businesses to veri
ceiling is still around. >> easily, though. >> the debt ceiling is still around. you are still dealing with that and, of course, the sequester issue. there are a lot of questions about what happens. we're speccing to run into that debt ceiling sometime between february 15th and march 1st. in the meantime, let's talk about corporate news. aig is suiciding maiden lane over lawsuit rights. it's the federal vehicle created during aig's bailout. at issue is whether the insurer...